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5 Key Economic Events to Watch This Week
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Loading...It is going to be very interest week, with investor's look at: Chinese PMIs, Fed Chair Yellen speaks, European Central Bank policy meeting, U.S. nonfarm payrolls report and OPEC meeting.
1. Twesday 03:34 (GMT+2), Chinese PMIs.
The official China's manufacturing purchasing managers' index is forecast to hold steady at 49.8 in November, which would match the weakest level since August 2012. A reading below 50.0 indicates industry contraction.
2. Wdnesday 19:25 (GMT+2) and Thursday 17:00 (GMT+2), Fed Chair Yellen speaks.
Federal Reserve Chair Janet Yellen is due to speak about the U.S. economic outlook at The Economic Club of Washington. On Thursday, Yellen will testify about monetary policy before Congress' Joint Economic Committee.
Recent comments by Yellen have bolstered expectations the U.S. central bank will raise interest rates for the first time in nine years when it meets in mid-December.
3. Thursday 14:45 (GMT+2), European Central Bank policy meeting.
The European Central Bank's latest interest rate decision is due on Thursday.
The consensus is that the ECB will cut the deposit rate. Market analysts also expect the central bank to increase the size of its monthly quantitative easing program to €75 billion from the current €60 billion because over the last few weeks, ECB president, has sent strong indications that the central bank could increase the scope of its 60 billion a month at the December meeting.
4. Friday 14:45 (GMT+2), U.S. nonfarm payrolls report.
The U.S. Labor Department will release its highly-anticipated report on nonfarm payrolls.
The consensus forecast is that the data will show jobs growth of 200,000 last month, following an increase of 271,000 in October, while the unemployment rate is forecast to hold steady at 5.0%.
A strong U.S. nonfarm payrolls report was likely to reinforce expectations for a Fed rate hike next month.
5. Friday, OPEK meeting.
The Organization of Petroleum Exporting Countries will meet on Friday to review their output strategy. Most market analysts expect the oil cartel to keep their production quota unchanged despite falling prices.
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